Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: 131,980 144,200 66,380 67,200 $159,000 $145,180 111,400 52,409 37,400 101 182 78,600 40,100 184 The normal gross profit percentage is 35% of total cost. Required: 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry the c the lower of cost or market (LCM) rule is applied to ind products